Chicago Real Estate Closing Could Net Free Mortgage

May 07, 2011

There’s a promotion going on right now in which the first 100 applicants who close on a home in Illinois by June 30 could save thousands of dollars on their mortgage.

The contest is through Nail Your Mortgage (NYM), a web-based mortgage company. Its promotion, “100 Free,” is open to home buyers and refinancers. The first 100 applicants who submit the required documentation by June 1, 2011, will receive free mortgages.

Free mortgages are new to an industry where the national average commission for a mortgage broker is 3.2 percent. On a $200,000 home purchase or refinance, a NYM free mortgage will save a customer about $6,000 in average closing costs, plus thousands of dollars more over the life of the loan.

“One of our biggest challenges at Nail Your Mortgage has been educating consumers on the difference between a ‘free’ mortgage and a ‘no-cost’ mortgage,” said NYM founder and CEO Mark Pickett. “No-cost mortgages convert fees paid upfront to costs paid over time. Free, on the other hand, eliminates those fees entirely.

“Free pricing is something only we are promoting. Our hope is that ‘100 FREE’ will generate excitement and buzz amongst consumers and Realtors, and legitimize both our mission and business model. We want the startling nature of this promotion to put the spotlight on our already terrific mortgage offering, which has the lowest rate and fee combination in the industry.”

Sounds good at a time when securing financing has become so troublesome for home buyers trying to buy and homeowners attempting to refinance.

“We hope to reward customers who have shown us loyalty in our initial start-up period, as well make a strong declaration about our purpose and mission,” said Pickett.

“We are changing the way mortgages will be priced, purchased, and perceived forever, and we want to get the word out in a fun way that benefits consumers.”

Nail Your Mortgage is a subsidiary of OmTelligence, LLC, which is headquartered in Chicago.

For more information on the company or this promotion, visit

Categories: Contests, Economy, Mortgages

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